Adecoagro (NYSE:AGRO) Shares Gap Down on Disappointing Earnings

Adecoagro S.A. (NYSE:AGRO)’s stock price gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $9.20, but opened at $8.75. Adecoagro shares last traded at $8.66, with a volume of 394,091 shares traded.

The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.40). Adecoagro had a return on equity of 3.23% and a net margin of 2.30%.The company had revenue of $405.66 million for the quarter, compared to analysts’ expectations of $402.00 million.

Wall Street Analysts Forecast Growth

AGRO has been the topic of a number of recent analyst reports. Bank of America downgraded Adecoagro from a “buy” rating to an “underperform” rating and dropped their price objective for the company from $12.00 to $10.80 in a report on Friday, April 25th. UBS Group dropped their price objective on Adecoagro from $10.50 to $9.90 and set a “neutral” rating on the stock in a report on Tuesday, April 29th. Finally, Morgan Stanley dropped their price objective on Adecoagro from $10.00 to $9.50 and set an “underweight” rating on the stock in a report on Wednesday, July 16th. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Sell” and a consensus target price of $10.07.

Institutional Trading of Adecoagro

A number of large investors have recently made changes to their positions in the company. Helikon Investments Ltd boosted its position in shares of Adecoagro by 72.5% in the 1st quarter. Helikon Investments Ltd now owns 12,037,204 shares of the company’s stock valued at $134,456,000 after purchasing an additional 5,060,347 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Adecoagro by 24.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,192,978 shares of the company’s stock valued at $24,496,000 after purchasing an additional 431,641 shares during the period. Sparta 24 Ltd. acquired a new stake in shares of Adecoagro in the 2nd quarter valued at about $19,197,000. Amundi lifted its position in Adecoagro by 5.1% during the 1st quarter. Amundi now owns 730,766 shares of the company’s stock worth $8,177,000 after acquiring an additional 35,530 shares during the period. Finally, 683 Capital Management LLC lifted its position in Adecoagro by 6.2% during the 4th quarter. 683 Capital Management LLC now owns 600,000 shares of the company’s stock worth $5,658,000 after acquiring an additional 35,000 shares during the period. 45.25% of the stock is owned by institutional investors and hedge funds.

Adecoagro Stock Down 9.0%

The business has a 50-day simple moving average of $9.26 and a two-hundred day simple moving average of $9.87. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.04 and a current ratio of 1.98. The company has a market capitalization of $837.42 million, a price-to-earnings ratio of 23.93 and a beta of 0.72.

Adecoagro Company Profile

Adecoagro SA operates as an agro-industrial company in South America. The company mainly operates through three segments: Farming; Sugar, Ethanol and Energy; and Land Transformation. It engages in farming crops, rice and other agricultural products, dairy operations, and land transformation activities, as well as sugar, ethanol, and energy production activities.